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Wednesday, 30 March 11
CHALLENGER SIGNS OPTION AGREEMENTS TO PURCHASE FOUR COAL PROJECTS IN INDONESIA
 Challenger Signs Three Exclusive Option Agreements to Purchase Four Coal Projects in East Kalimantan, Indonesia
Challenger Deep Resources Corp.has announced that it has, through its wholly-owned subsidiary, PT Bestindo Energy, (“Bestindo”) entered into three separate Memorandums of Understanding ("MOU’s") which give Bestindo the exclusive right, for a period of thirty days, to purchase the shares of three separate private Indonesian companies which hold various coal rights related to four separate coal projects, according to news that posted in its web site.
Each of the coal projects is 100% owned by the respective private company and all of the projects are located in the Regency of Kutai, East Kalimantan. Each of the MOU’s provide for the subsequent execution of a Conditional Share Purchase Agreement (“CSPA”), which provides for staged payments of the purchase price over a period of four months in respect of one MOU and over a period of 24 months for the other two MOU’s.
Arni Bersaudara Coal Project
Pt Arni Bersaudara (“Arni”) is the holder of two contiguous IUP Exploration permits covering 3,039 and 2,874 hectares in the District of Muara Kaman. The IUP’s are approximately 40km north of the Mahakam River The Arni MOU provides that, if Challenger elects to enter into a CSPA, it can acquire 100% of Arni for payments totaling $2,414,181 CAD. Terms of the payment include $84,215 CAD upon signing, $308,790 CAD within 6 months of signing the CSPA and the balance of $2,021,176 CAD after all the essential permits to bring the project into production are in place, or a maximum of 24 months from initial CSPA signing.
The target calorific value of coal is in this concession is around GCV 6,300 – 7,000 and 5,600 – 6,000 respectively.
Apriadi Bersaudara Coal Projects
Pt Apriadi Bersaudara (“Apriadi”) is holder of a KP PU (Mining Authorization for General Survey) covering an area of 930 hectares, which is currently being converted to IUP Exploration in the District of Samboja (AP1) and a SKIP (Exploration Permit Application) covering an area of 3,086 hectares in the District of Muara Kaman (AP2). The AP1 project is 10km from the coast and close to an independent haul road and port loading facilities which are under construction. The AP2 project is approximately 45km north of the Mahakam River and in close proximity to the Arni Bersaudara projects. The Apriadi MOU provides that, if Challenger elects to enter into a CSPA, it can acquire 100% of Apriadi for payments totalling $2,077,318 CAD. Terms of the payment include $56,143 CAD upon signing of the CSPA , $112,287 CAD upon receiving IUP exploration permits for both projects, $224,575 CAD within 12 months of CSPA and the balance of $1,684,313 CAD due on the 24 month anniversary of the CSPA signing.
The target calorific value of coal ranging from 5000 GAD to 7000.
Putri Etam Coal Project
CV Putri Etam (“Putri”) is a private Indonesian company which is in the process of applying for an IUP Exploration and has successfully secured a Local Announcement letter from authorities. The application covers 100 hectares and is located in the Muara Badak district. The Putri MOU provides that, if Challenger elects to enter into a CSPA, it can acquire 100% of Putri for payments totaling $84,215 CAD. Terms of the payment include $28,071 CAD upon signing and $56,144 CAD upon completion of the deed of shares transfer.
An additional agreement also provides that a royalty of US$4.50 be paid to the former Putri shareholders for every ton of coal produced and sold.
The target calorific value of coal in this concession is ranging from 5,600 – 7,000.
The press report says, a program of due diligence on all of the projects is to commence as soon as possible to verify the data provided and to confirm Challenger’s exploration target parameters.
Challenger’s execution of the CSPA’s to acquire these projects will depend upon the results of the initial due diligence program in respect of each. A more detailed technical description of the properties will be made available if and when a CSPA is signed.
“The signing of these latest MOU’s, reflects the culmination of many months of excellent work by our acquisition team”, stated Ranjeet Sundher, President of Challenger, as quoted in press release.
“We are very pleased with the execution to date of our plan to assemble and advance a strong portfolio of coal exploration and development projects in East Kalimantan. Our team remains focused on the exploration of our current projects and the acquisition of new projects.”
Visit Challender Deep website for more details.
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- International Coal Ventures Pvt Ltd - India
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- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
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- Electricity Generating Authority of Thailand
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- SMC Global Power, Philippines
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- Agrawal Coal Company - India
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- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
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- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
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- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
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- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
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- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
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- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
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- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
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- Gujarat Mineral Development Corp Ltd - India
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
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- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
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- Orica Mining Services - Indonesia
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